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| Author: | Conn, R.L. (et al.) |
| Title: | The impact on UK acquirers of domestic, cross-border, public and private acquisitions |
| Journal: | Journal of Business Finance and Accounting
2005 : JUN/JUL, VOL 32:5-6, p. 815-870 |
| Index terms: | Mergers Profit United Kingdom |
| Language: | eng |
| Abstract: | This study examines the announcement (hereafter as: annt.) and post-acquisition share returns (here as: p-acq. rets.) of U.K. acquirers in over 4.000 acquisitions (here as: acqs.) of domestic, cross-border (here as: cr-b.), public and private targets. Domestic public acqs. result in negative annt. and p-acq. rets., while cr-b. public acqs. result in zero annt. rets. and negative p-acq. rets. In contrast, both domestic and cr-b. private acqs. result in positive annt. rets. and zero p-acq. rets. The main differences btw. private and public acqs. are that glamour acquirers underperform in public acqs. but not in private acqs., and that acquirers using non-cash methods of payment underperform in domestic public acqs. but not in domestic private acqs. Overall, cr-b. acqs. result in lower annt. and long-run rets. than domestic acqs. In cr-b. acqs., those involving high-tech firms perform relatively well, as do those with low national cultural differences. |
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